Federal Signal Corp. (NYSE: FSC), which manufactures safety, signaling and communications equipment and fire rescue vehicles, said Monday it has sold its industrial lighting subsidiary for $35 million, according to Associated Press.
The manufacturer, Pauluhn Electric, was sold to the Cooper Crouse-Hinds division of Cooper Industries PLC (NYSE: CBE), a Dublin-based electrical equipment manufacturer with administrative offices in Houston.
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William Osborne, Federal Signal's president and CEO, said the company intends to invest the proceeds from the sale in growth opportunities in its public safety businesses.
Kirk S. Hachigian, Cooper's chairman and CEO, said the acquisition of Pauluhn complements Cooper Crouse-Hinds' product offering. Crouse-Hinds' market position and distribution channel provides an opportunity to expand Pauluhn's business, he said.
Shares of Federal Signal rose 12 cents to $5.68, and Cooper increased 92 cents, or 2.2 percent, to $42.53 in morning trading.
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